China's PICC plans up to RMB 11 billion 10-year subordinated term debt

By Marisa Wong

Madison, Wis., Feb. 20 - People's Insurance Co. (Group) of China Ltd. said its subsidiary, PICC Property and Casualty Co. Ltd., plans to issue up to RMB 11 billion of 10-year subordinated term debt.

PICC Property and Casualty's board of directors has approved the proposed issuance, according to a company announcement.

Proceeds will be used for raising the subsidiary's solvency margin.

The proposed debt is subject to shareholders' approval and the approval of the China Insurance Regulatory Commission.

The insurance company is based in Beijing.

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